Skip to content Skip to footer

Loading Results

PwC comments on ONS February 2022 public sector finances

22 Mar 2022

Hoa Duong, economist at PwC, says,

Ahead of the Spring Statement, the Chancellor has the tough job of explaining why the UK has lost its first month of budget surplus. The data shows February adding a further £13bn to the government deficit after just one month of spending less money than it received in taxes and other income. 

“The lost progress in the UK’s public finances may just be the beginning of another period of mounting costs. The growing pressures of increasing the defence budget and easing household living costs could exacerbate the deficit in the coming months. Two years after taking office in February 2020, Rishi Sunak is still facing a 40% higher budget deficit and 10% higher national debt.

“In the Spring Statement, we expect the Chancellor to continue his cautious approach and prioritise balancing the books. Therefore any financial support, including reducing pressure on households' cost of living, is likely to be limited. ”

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 156 countries with over 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at PwC.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see how we are structured for further details.

© 2022 PwC. All rights reserved

Contact us

David Bowden

David Bowden

Manager, Corporate Affairs, PwC United Kingdom

Tel: +44 (0)7483 365049

Follow us